Piper Sandler Raises BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target to $122.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target increased by Piper Sandler from $107.00 to $122.00 in a report issued on Thursday, Benzinga reports. Piper Sandler currently has an overweight rating on the biotechnology company’s stock.

BMRN has been the topic of a number of other research reports. Truist Financial dropped their price target on shares of BioMarin Pharmaceutical from $140.00 to $118.00 and set a buy rating on the stock in a research note on Thursday. TD Cowen decreased their price target on BioMarin Pharmaceutical from $125.00 to $120.00 and set a buy rating for the company in a research note on Tuesday, August 6th. Scotiabank increased their price objective on BioMarin Pharmaceutical from $85.00 to $86.00 and gave the company a sector perform rating in a research report on Tuesday, August 6th. Sanford C. Bernstein raised BioMarin Pharmaceutical from a market perform rating to an outperform rating and boosted their target price for the stock from $94.00 to $110.00 in a research report on Tuesday, August 20th. Finally, Barclays dropped their price target on shares of BioMarin Pharmaceutical from $111.00 to $110.00 and set an overweight rating on the stock in a report on Tuesday, August 6th. Eight analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $106.10.

BioMarin Pharmaceutical Price Performance

Shares of BMRN opened at $84.08 on Thursday. BioMarin Pharmaceutical has a fifty-two week low of $73.68 and a fifty-two week high of $99.56. The firm’s 50-day simple moving average is $86.53 and its two-hundred day simple moving average is $85.04. The stock has a market cap of $15.97 billion, a PE ratio of 78.58 and a beta of 0.32. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.95 and a current ratio of 3.05.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings results on Monday, August 5th. The biotechnology company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.39. The company had revenue of $712.03 million for the quarter, compared to the consensus estimate of $660.51 million. BioMarin Pharmaceutical had a return on equity of 6.91% and a net margin of 9.91%. Analysts anticipate that BioMarin Pharmaceutical will post 2.35 earnings per share for the current fiscal year.

Institutional Investors Weigh In On BioMarin Pharmaceutical

A number of institutional investors and hedge funds have recently bought and sold shares of BMRN. Sanctuary Advisors LLC bought a new stake in BioMarin Pharmaceutical during the 2nd quarter valued at approximately $1,783,000. Teachers Retirement System of The State of Kentucky raised its position in shares of BioMarin Pharmaceutical by 17.4% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 194,207 shares of the biotechnology company’s stock valued at $15,990,000 after buying an additional 28,837 shares during the last quarter. Novo Holdings A S lifted its holdings in shares of BioMarin Pharmaceutical by 8.9% in the second quarter. Novo Holdings A S now owns 490,000 shares of the biotechnology company’s stock worth $40,342,000 after buying an additional 40,000 shares in the last quarter. NewEdge Advisors LLC boosted its position in shares of BioMarin Pharmaceutical by 3,931.5% during the second quarter. NewEdge Advisors LLC now owns 10,885 shares of the biotechnology company’s stock worth $896,000 after acquiring an additional 10,615 shares during the last quarter. Finally, Creative Planning grew its stake in BioMarin Pharmaceutical by 4.6% during the second quarter. Creative Planning now owns 11,825 shares of the biotechnology company’s stock valued at $974,000 after acquiring an additional 524 shares in the last quarter. 98.71% of the stock is owned by institutional investors.

About BioMarin Pharmaceutical

BioMarin Pharmaceutical Inc develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. Its commercial products include Vimizim, an enzyme replacement therapy for the treatment of mucopolysaccharidosis (MPS) IV type A, a lysosomal storage disorder; Naglazyme, a recombinant form of N-acetylgalactosamine 4-sulfatase for patients with MPS VI; and Kuvan, a proprietary synthetic oral form of 6R-BH4 that is used to treat patients with phenylketonuria (PKU), an inherited metabolic disease.